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Manal Elkhoshkhany
Manal Elkhoshkhany, Bachelor's Degree
Category: Multiple Problems
Satisfied Customers: 9476
Experience:  Completed by BA degree in 1988 and graduated with a GPA of 4.0
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3) The rights and obligations assertion applies to A. revenue

Customer Question

3) The rights and obligations assertion applies to

A. revenue and expense items only.
B. balance sheet items only.
C. income statement and balance sheet items.
D. current liability items only.

4) Auditor liability under the Securities Act of 1933 extends to the

A. auditor’s report date.
B. financial statement date.
C. effective date of the registration statement.
D. filing date of the registration statement.

5) Section 18 liability is relatively narrow in scope because it relates to a false or misleading statement in documents filed with the

A. Internal Revenue Service (IRS).
B. FASB.
C. American Institute of Certified Public Accountants (AICPA).
D. Securities and Exchanges Commission (SEC).

6) Anyone identified to the auditor by name prior to the audit who is the principal recipient of the auditor’s report is a

A. foreseen beneficiary.
B. third party.
C. foreseeable party.
D. primary beneficiary.

7) Auditing is based on the assumption that financial data are verifiable. Data are verifiable when two or more qualified individuals,

A. working independently, reach similar conclusions.
B. working together, prove, beyond doubt, the data’s accuracy.
C. working together, agree upon the data’s accuracy.
D. working independently, prove, beyond doubt, the data’s truthfulness.

8) Which of the following best describes the relationship that should exist between the external auditor and the management of the client company?

A. Mutual trust and respect
B. Adversarial relationship
C. Mutual caution and suspicion
D. Advocacy of management’s position

9) Within generally accepted auditing standards, general standards relate primarily to

A. qualifications of the auditor.
B. qualifications of the auditor and the quality of the auditor’s work.
C. the fairness of the financial statements.
D. the relationship between generally accepted auditing standards and accounting principles.

10) Which of the following are independent private-sector standard-setting bodies?

A. AICPA and IIA
B. SEC and IRS
C. FASB and the Governmental Accounting Standards Board
D. National Association of State Boards of Accountancy and the American Accounting Association

11) When providing audit services, the certified public accountant (CPA) is expected to be

A. an advocate for the client.
B. independent of the client.
C. indifferent to the effect of the financial statements and the audit report.
D. an advocate for the general public.

12) Which of the following is the service in which the CPA firm issues a written communication that expresses a conclusion about the reliability of a written assertion that is another party’s responsibility?

A. Attest service
B. Consulting service
C. Compilation service
D. Accounting service

13) The five management assertions outlined in generally accepted auditing standards include all of the following EXCEPT

A. materiality.
B. existence and occurrence.
C. rights and obligations.
D. presentation and disclosure.

14) Specific audit objectives are normally

A. developed for each item in the financial statements and derived from the categories of management’s financial statement assertions.
B. derived from the categories of management’s financial statement assertions.
C. the same as the categories of management’s financial statement assertions.
D. developed for each item in the financial statements.

15) Which of the following procedures consists of seeking information from knowledgeable persons throughout or outside the entity?

A. Confirmation
B. Recalculation
C. Inquiry
D. Reperformance

16) The assessment of inherent risk requires considering matters that have a pervasive effect on assertions for all or many accounts and matters that may pertain only to assertions for specific accounts. Which of the following is an example of a specific account matter?

A. Profitability of the entity relative to the industry
B. Sensitivity of operating results to economic factors
C. Going concern problems, such as a lack of sufficient working capital
D. Complexity of calculations

17) The risk that a material misstatement that could occur in an assertion will NOT be prevented or detected on a timely basis by the entity’s internal controls is

A. audit risk.
B. inherent risk.
C. control risk.
D. rejection risk.

18) The susceptibility of an assertion to a material misstatement, assuming there are no controls, is

A. control risk.
B. analytical procedures risk.
C. audit risk.
D. inherent risk.
Submitted: 2 years ago.
Category: Multiple Problems
Expert:  Neo replied 2 years ago.
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Expert:  Manal Elkhoshkhany replied 2 years ago.

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